According to the ministry of communication and information in Venezuela, the country’s constituent national assembly has approved a crypto-currency regulation bill.
The bill which will come into law soon had been proposed by Nicolas Maduro, the country’s president. It contains 64 articles and 5 transitionary provisions. The bill also validates the Petro, Venezuela’s controversial oil-backed crypto-currency as a unit of commercial exchange within the country and states that the Petro can be used to procure goods and services.
Cuban news agency, Prensa Latina reported that the Venezuelan assembly had also approved recommendations to the anti-money laundering law. The new rules state that Venezuela’s crypto exchanges are now allowed to carry out foreign exchange activities using the Petro.
These new modifications to the country’s financial laws according to Andres Eloy Mendez are being done in order to combat the adverse effects of biting sanctions imposed on the country by the United States government. Mendez, who is the head of the special commission on crypto frameworks, added that the Petro had the ability to guard against the effects of sanctions while also helping the country establish new business relationships with other countries.
The country’s president, Nicolas Maduro has been on an extensive petro promotion campaign, having launched the oil-backed state issued crypto-currency back in December last year. August of this year saw the president propose its use in the payment of salaries, goods and services. In September, Maduro claimed that Petro will be used for international commercial transactions.
The head of Venezuela’s state oil company Manuel Quevado recently announced that the country would be presenting Petro as a unit of account for crude oil trading to OPEC in 2019.
